Exercise $7-5($Algo$)$ Trade and cash discounts; the gross method and the net method compared $[$LO$7-3]$

Tracy Company, a manufacturer of air conditioners, sold $200$ units to Thomas Company on November $17,2024.$ The units have a list price of $$470$ each, but Thomas was given a $25\%$ trade discount. The terms of the sale were $210/,$ n$30/.$

Exercise $7-5($Algo$)$ Part $3$

$3-$a$.$ Prepare the journal entries to record the sale on November $17($ignore cost of goods$)$ and collection on November $26,2024,$ assuming that the net method of accounting for cash discounts is used.

$3-$b$.$ Prepare the journal entries to record the sale on November $17($ignore cost of goods$)$ and collection on December $15,2024,$ assuming that the net method of accounting for cash discounts is used.Record the sale of $200$ units with a list price of $$470,$ a $25\%$ trade discount $($if applicable$),$ with terms of $2/10,$ n$/30$ under the net method.